Steven Broz Sells 3,050 Shares of The Progressive Co. (NYSE:PGR) Stock

The Progressive Co. (NYSE:PGR) insider Steven Broz sold 3,050 shares of Progressive stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $209.81, for a total value of $639,920.50. Following the completion of the sale, the insider now directly owns 32,453 shares in the company, valued at $6,808,963.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Steven Broz also recently made the following trade(s):

• On Wednesday, May 15th, Steven Broz sold 7,361 shares of Progressive stock. The stock was sold at an average price of $207.25, for a total value of $1,525,567.25.

Progressive Price Performance

NYSE:PGR opened at $211.35 on Friday. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.32 and a current ratio of 0.32. The firm has a market cap of $123.79 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 0.80 and a beta of 0.35. The firm’s fifty day moving average is $209.60 and its two-hundred day moving average is $192.97.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analyst estimates of $16.88 billion. During the same period in the prior year, the company earned $0.65 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. Research analysts expect that The Progressive Co. will post 11.34 EPS for the current year.

Progressive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be issued a $0.10 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.19%. Progressive’s payout ratio is 4.09%.

Institutional Trading of Progressive

Hedge funds have recently bought and sold shares of the business. TCW Group Inc. acquired a new stake in Progressive in the 4th quarter valued at about $1,988,000. Brevan Howard Capital Management LP purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $3,090,000. Invesco LLC grew its stake in shares of Progressive by 2.0% in the 4th quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock valued at $563,000 after buying an additional 70 shares during the period. Strs Ohio grew its stake in shares of Progressive by 3.1% in the 4th quarter. Strs Ohio now owns 168,187 shares of the insurance provider’s stock valued at $26,788,000 after buying an additional 4,983 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Progressive by 2.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 210,460 shares of the insurance provider’s stock valued at $33,522,000 after buying an additional 4,443 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Jefferies Financial Group boosted their target price on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, April 15th. The Goldman Sachs Group lifted their price target on shares of Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. Bank of America lifted their price target on shares of Progressive from $279.00 to $286.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Roth Mkm reaffirmed a “buy” rating and set a $235.00 price target on shares of Progressive in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $216.81.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.